4
34
Vetoquinol
J
2016
Registration Document
J
Annual Financial Report
CONSOLIDATED FINANCIAL STATEMENTS
AFR
Notes to the consolidated financial statements
Analysis of the Group’s exposure to currency risk (IFRS 7) based on notional amounts is as follows:
€000
EUR USD CAD GBP INR PLN BRL AUD CHF Other
Total
currencies
Dec 31, 2016
Trade receivables
31,557 10,654 5,883 6,130 4,444 1,399 2,177 598 510 3,222
66,574
Impairment of trade receivables
(1,291)
(34)
(2)
(13)
(343)
(399)
(30)
(182)
(48)
(66)
(2,408)
Net trade receivables
30,266 10,619 5,881 6,117 4,101 1,000 2,147 417 462 3,156 64,166
Prepayments
246 474
36
-
22
6 55 18
-
20
877
Prepaid expenses
352
16 1,051 101 69 143
5 1 7 193
1,938
Receivables from government agencies 5,938
-
-
-
86 85 882 24
- 716
7,733
Other operating receivables
322 57 17
-
-
21 103 -
-
-
522
Miscellaneous receivables
685
-
12
-
75 151
6
- 101
5
1,035
Provisions
-
-
-
-
-
-
-
-
-
-
-
Total other receivables
7,543 547 1,116 101 253 408 1,052 43 108 934 12,105
Trade and other payables
43,543 7,643 9,291 3,755 2,947 2,268 1,130 454 343 1,422
72,797
Net trade and
other payables
43,543
7,643
9,291
3,755
2,947
2,268
1,130
454
343
1,422
72,797
Total gross balance sheet exposure (5,734) 3,524 (2,294) 2,463 1,406 (860) 2,068 6 227 2,668
3,473
€000
EUR USD CAD GBP INR PLN BRL AUD CHF Other
Total
currencies
Dec 31, 2015
Trade receivables
30,818 8,179 5,978 5,634 2,854 1,739 1,764 480 542 2,911
60,900
Impairment of trade receivables
(1,349)
(3)
(19)
(1)
(179)
(357)
(44)
-
(29)
(29)
(2,010)
Net trade receivables
29,469 8,176 5,958 5,633 2,675 1,382 1,720 480 514 2,882 58,890
Prepayments
251 160 167
-
20 12 46 36
-
16
708
Prepaid expenses
383
10 463 204 67 113
1 1 6 144
1,394
Receivables from government agencies 4,322
- 223
-
76 42 665 17 45
92
5,483
Other operating receivables
299 527
6
-
-
24 79 -
-
1
935
Miscellaneous receivables
472
21
16
-
74 191
5 9 71
2
861
Provisions
-
-
-
-
-
-
-
-
-
-
-
Total other receivables
5,728 718 875 204 237 383 797 64 121 255
9,381
Trade and other payables
40,087 7,127 10,078 3,698 2,230 2,442 801 980 352 824
68,619
Net trade and
other payables
40,087
7,127
10,078
3,698
2,230
2,442
801
980
352
824
68,619
Total gross balance sheet exposure (4,891) 1,767 (3,244) 2,139 682 (678) 1,715 (435) 284 2,313
(348)
4.5.4.2 Interest rate risk management
The Group’s general policy on interest rate risk is to glob-
ally manage its exposure through swaps. Pursuant to the
provisions of IAS 39, whenever the conditions for hedge
accounting are met, the Group applies the relevant proce-
dures. When these conditions are not met, or if the amounts
concerned are not material, as has been the case in recent
years, derivatives are carried on the balance sheet at their
fair value, and all changes in fair value are posted to income,
in accordance with the provisions of IAS 39.
Normally, the Group’s exposure to interest rate risk is
insignificant and concerns basically two line items on the
balance sheet: financial liabilities and cash.
As of December 31, 2016, 99.7% of the Group's financial
liabilities (including bank overdrafts) bore interest at a fixed
rate (2015: 99.6%). Floating rate commitments amounted to
€0.1 million as of December 31, 2016 (2015: €0.1 million).
The latest €41 million loan taken out by the Group to finance
the Bioniche acquisition was swapped in 2014, as was the
2013 €16 million loan for the Orsco acquisition.
The Group's investments consist of fixed-rate term depos-
its with major banks, whilst the corresponding bank
overdrafts are subject to a floating rate. This enabled the
Group to minimize interest costs during 2015 and 2016.
On the basis of the 2016 financial statements, a 100 basis
point increase in interest rates would have increased earn-
ings by €676,000 (2015: €447,000 increase in earnings).
